Sherman Oaks Center Fetches $16.8 Million

A more than 50-year-old Sherman Oaks shopping center has traded hands for $16.8 million.

The two-property portfolio adds up to about 77,000 square feet of retail at 4550 Van Nuys Blvd. It was purchased by Festival Cos. of Los Angeles from the Grossman family, which built the center in 1960.

“What I have always loved about this property is that it’s a true community asset that everyone who has grown up in the Valley knows and recognizes,” said Brad Stone, president of Stone-Miller, who represented both sides on the deal. “Further, we are seeing a trend towards urbanization and mixed-use development finding its way into the Valley, and as this trend evolves, we believe this section of Van Nuys Blvd. is ideally situated to become a future urban center.”

While the broker said there was interest from developers looking to rezone and develop the 1.5 acre site, Festival Cos. intends to keep the center open in its current state.

Jake Zacuto, senior vice president at Stone-Miller, also represented both sides.